Keep in mind, though, in my market and strategy I'm not counting on positive cash flow to make my profits, it is more like an insurance policy so I can afford to hold it through thick and thin if I need or choose to.

Many policies don't cover it and getting one that does can be expensive.

Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)

They quoted $160 a year, the same as my other landlord condo policies, and that comes with $2m liability.I went out today and picked up some used fireplace tools.

When that's the case they should just keep it in their own names and get a monster umbrella insurance policy.

That policy by the Banks to not lend LESS than $50k could be the single GREATEST reason why the mid-west (for example) can't seem to get out of their "$30k Pigs" status!

@Terry Mccasland Are you looking for a policy to cover the new property w/o property coverage? 

LLCs *can* be good as a protection from litigation, however when I posed the question to one of my trusted attorneys, she quickly replied "get a big insurance policy anyway."  

The housing authority may violate their own policies and you will have little recourse.

It can be tailored to specific needs like any normal loan, and typically comes with more tolerant call policies and more personalized service.